China's Foreign Exchange Reserves Records Year's Biggest Drop with USD69 Bln in November
Yicai Global
/SOURCE : Yicai
China's Foreign Exchange Reserves Records Year's Biggest Drop with USD69 Bln in November

(Yicai Global) Dec. 8 – China's foreign exchange reserves dropped USD69.1 billion to US 3.05 trillion in November, a 2.2 percent decline compared with that of October, The People's Bank Of China (PBOC) said yesterday. It represents the biggest drop this year.

The decline in foreign exchange reserves in November might have resulted from multiple factors, including the PBOC's move to provide foreign exchange funds to the market to regulate the balance of foreign exchange supply and demand, the correction in bond prices, and the overall depreciation of other currencies against the USD following the presidential election in the US, indicated China's State Administration of Foreign Exchange (SAFE).

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